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Sovereign debt disputes: A database on government coerciveness during debt crises


  • Enderlein, Henrik
  • Trebesch, Christoph
  • Daniels, Laura von


This paper measures \" debt disputes\" between governments and foreign private creditors in periods of sovereign debt crises. We construct an index of government coerciveness, consisting of 9 objective sub-indicators. Each of these sub-indicators captures unilateral government actions imposed on foreign banks and bondholders. The results provide the first systematic account of debt crises that goes beyond a binary categorization of default versus non-default. Overall, government behavior and rhetoric show a strong variability, ranging from highly confrontational to very smooth crisis resolution processes. In a preliminary analysis on the determinants of coercive behavior, we find political institutions to be significant, while economic and financial factors play a lesser role. These results open up an agenda for future research.

Suggested Citation

  • Enderlein, Henrik & Trebesch, Christoph & Daniels, Laura von, 2012. "Sovereign debt disputes: A database on government coerciveness during debt crises," Munich Reprints in Economics 20555, University of Munich, Department of Economics.
  • Handle: RePEc:lmu:muenar:20555

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    References listed on IDEAS

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    Cited by:

    1. Tomas Klinger & Petr Teply, 2016. "The Nexus Between Systemic Risk and Sovereign Crises," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 66(1), pages 50-69, February.
    2. Ran Bi & Marcos Chamon & Jeromin Zettelmeyer, 2016. "The Problem that Wasn’t: Coordination Failures in Sovereign Debt Restructurings," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 64(3), pages 471-501, August.
    3. Karatas, B., 2014. "Financial crisis and monetary policy," Other publications TiSEM 41e463f0-e122-4379-8db5-6, Tilburg University, School of Economics and Management.
    4. Trebesch, Christoph & Zabel, Michael, 2017. "The output costs of hard and soft sovereign default," European Economic Review, Elsevier, vol. 92(C), pages 416-432.
    5. Hatchondo, Juan Carlos & Martinez, Leonardo & Sosa Padilla, César, 2014. "Voluntary sovereign debt exchanges," Journal of Monetary Economics, Elsevier, vol. 61(C), pages 32-50.
    6. Arturo C. Porzecanski, 2016. "Sovereign Debt Restructuring After Argentina," Development, Palgrave Macmillan;Society for International Deveopment, vol. 59(1), pages 100-106, June.
    7. Hatchondo, Juan Carlos & Martinez, Leonardo & Onder, Yasin Kursat, 2017. "Non-defaultable debt and sovereign risk," Journal of International Economics, Elsevier, vol. 105(C), pages 217-229.
    8. Jeromin Zettelmeyer & Christoph Trebesch & Mitu Gulati, 2013. "The Greek debt restructuring: an autopsy," Economic Policy, CEPR;CES;MSH, vol. 28(75), pages 513-563, July.
    9. Eijffinger, Sylvester C W & Karatas, Bilge, 2013. "Three Sisters: The Interlinkage between Sovereign Debt, Currency and Banking Crises," CEPR Discussion Papers 9369, C.E.P.R. Discussion Papers.

    More about this item

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets


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